Still, a hike is by no means a surefire thing. A summary of the minutes, released Wednesday, showed decisionmakers are still closely watching economic developments as they weigh their next moves.
Participants “emphasized… that they approached each meeting with an open mind and decisions at future meetings would depend on incoming information and its implications for the outlook and the balance of risks,” the document said.
At its last meeting, the Fed hiked rates by 25 basis points, the first time in over three years it’s moved rates higher. That was a unanimous decision, surprising some observers who had noted growing division at the central bank in its prior announcements.
That quarter-point September hike, the document said, was viewed by Committee members as “prudent on risk-management grounds, providing insurance against inflation remaining persistently above target due to stronger-than-expected demand or further adverse supply shocks.”
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